Commercial Buildings and Vacant
For Sale
Contact for pricing
644 S Broadway St, Forest City, NC 28043
Three tracts available: commercial buildings and a vacant lot.
Property Size4,501 SF
Price / SF$111.09
Days on Market147
Property Features for 644 S Broadway St
General Information
Standard status
Active
Size
4,501 SF
Class
B
Property subtype
Mixed Use, Office, Retail
Zoning
Commerical
Investment Type
Owner/User
Building Details
Year Built
1951
Buildings
2
Stories
1
Units
2
Listing Agency:
Remax Journey
(828) 223-8946
Listed By:
Loyce Snider · License #162506
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Aug 10 at 2:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Remax Journey
Investment Insights
Based on property information with market context.
This offering includes three tracts of land, consisting of two commercial buildings and one vacant lot, available for a single price. The location benefits from high visibility, with a daily traffic count of 8,000 vehicles. One of the commercial buildings, located at 652 S Broadway, features office space comprising 7 private offices, a conference room, a reception area, a kitchen, and a basement. The second building, located at 644 S Broadway, was previously leased to a walk-up restaurant. The third tract is a vacant lot. The combined properties offer approximately 300 feet of road frontage on S. Broadway and approximately 195 feet on Sunnyside St. The properties adjoin the Food Lion grocery store. The total property size is 4,501 square feet.
Key Highlights
- Three properties for one price: 2 commercial buildings and 1 vacant lot.
- High visibility location with 8,000 daily traffic count.
- Road frontage of approximately 300’ on S. Broadway and 195’ on Sunnyside St.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,508
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$890,160
$890.2K
Cap Rate 7%
$635,829
$635.8K
Cap Rate 9%
$494,533
$494.5K
Market Conditions
NOI Build-Up for 4,501 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.8K $14.40/SF
− Vacancy
−$1.2K −$0.27/SF
EGI
$63.6K $14.13/SF
− OpEx
−$19.1K −$4.24/SF
NOI
$44.5K $9.89/SF
Area
Rutherford County, NC
Vacancy
1.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$890,160
Cap Rate 7%
$635,829
Cap Rate 9%
$494,533
Alternative Uses
Best Use
Office B
$671.9K
$587.9K – $783.9K
NOI $47,031 @ 7.0% cap · market cap 9.41%
Second Best
Retail
$635.8K
$556.4K – $741.8K
NOI $44,508 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$992.6K
$868.5K – $1.16M
NOI $69,481 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Explore this area
Business Placement
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three tracts available: commercial buildings and a vacant lot.
Where is this mixed-use property located?
The property is located at 644 S Broadway St Forest City, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three properties for one price: 2 commercial buildings and 1 vacant lot.; High visibility location with 8,000 daily traffic count.; Road frontage of approximately 300’ on S. Broadway and 195’ on Sunnyside St.
